Rather than granting tax credits, which are nothing more than welfare payments to businesses, why not instead, scrap the state income tax and sales tax and replace it with a proportional system of taxation on the movement of all moneys?
Alexander Hamilton proposed just such a system in Federalist Paper 12. He wrote:
"The ability of a country to pay taxes must always be proportioned, in a great degree, to the quantity of money in circulation, and to the celerity with which it circulates. Commerce, contributing to both these objects, must of necessity render the payment of taxes easier, and facilitate the requisite supplies to the treasury."